Apartment Market Inventory (50+ Units):
San Jose, Sunnyvale, Santa Clara, Mountain View, Campbell, Cupertino, Milpitas and Palo Alto
The apartment development market is progressing full on. It happens at some point in every market ascension, but it’s no less exciting to see the most current action. In some markets, the action is intense.
From dead-and-buried to rising to near the front of the pack, California’s Central Valley lead GDP growth during the three year period ending in 2011 – behind only San Jose and Oxnard.
Employment growth attractively contradicts national numbers in a few select markets. Among Pierce-Eislen’s 54 markets, 2012 employment growth exceeded 2.0% in 19 markets.
Some interesting activity is developing among sixteen of the markets surveyed by Pierce-Eislen.
During the most recent reported employment statistics period these twenty-two markets illustrated the most robust growth.
Pierce-Eislen’s market coverage includes five apartment markets that have performed most aggressively during this cycle
Apartment rental rates in most markets are increasing in absolute terms. No surprise there. But relative terms bring up other thoughts